Rent vs buy in Schaumburg, IL
The typical home in Schaumburg, Illinois costs $357,230, and the typical monthly rent is $2,125 (Illinois).
Renting comes out ahead by $42k over 7 years
The calculation uses 20% down and today's mortgage rate, based on Schaumburg's typical rent and home value. The break-even point arrives in year 21.
An opinion, clearly marked, with the calculations shown. These are estimates, not quotes. Adjust a number and the stamp changes.
- Renting is ahead by
- $42k after 7 years
- Break-even point
- year 21 when owning catches up
- Full cost of ownership
- $3,425 /mo year 1, against $2,125 rent
Change my numbers
The stamp relies on Schaumburg's typical rent and home value. You can flip the result by changing your rent, price or years.
Do your numbers differ from the city's?
Enter your own rent, price and down payment. Your entries change the stamp.
Is renting or buying cheaper in Schaumburg?
Across 7 years, renting saves $41,972 after counting the money returned when you sell. For the first 20 years, renting costs less. By year 21, owning catches up.
Renting. Owning. Net cost by year so far.
Schaumburg: average rent vs mortgage payment
Monthly costs during year 1 at Schaumburg's typical price include more than rent and the mortgage. Here are all of them.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,125 | All of it, every month |
| Mortgage payment | $1,948 | $1,717 of it is interest in year 1 |
| Property tax | $595 | 2% of the value a year |
| Insurance | $86 | Census median for the city |
| Upkeep | $298 | 1% of the value a year |
| Owning, cash out | $2,927 | $231 of it builds equity |
| Lost return on the down payment | $581 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $149 | 3.5% of the price over 7 years |
| True cost of owning | $3,425 | Cash paid, minus the equity portion, plus the two amounts above |
The figures behind Schaumburg's result
- Typical home valueZillow ZHVI, September 2026
- $357,230
- Typical rentZillow ZORI, September 2026
- $2,125 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Illinois, 1995 to 2025
- 3.3% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Schaumburg
- 2% of value
- Home insuranceCensus ACS 2020-2024, Schaumburg
- $86 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would reverse the Schaumburg result?
Each line marks where Schaumburg's 7-year result changes, while all other factors remain the same.
Renting wins if
- For this condition, home prices must rise by less than 4.8% a year (our calculation uses 3.3%, Illinois's long-run rate).
- This condition requires a mortgage rate that remains above 5.14%.
- For a home of this type, monthly rent comes to under $2,570 (the typical amount here is $2,125).
- Before year 21, you move.
When buying wins
- Home prices rise by more than 4.8% a year.
- The mortgage rate you secure is under 5.14% (today's rate is 7.24%).
- You would pay more than $2,570 each month to rent the same home.
- You remain for 21 years or more.
How Schaumburg compares with the other 812 cities
| Measure | Schaumburg | Median city |
|---|---|---|
| Typical home value | $357,230 | $422,451 |
| Typical rent | $2,125 /mo | $1,837 /mo |
| Price-to-rent ratio | 14.0 (#681 of 813) | 18.5 |
| Home prices, last 10 years | 5% a year | 6.2% a year |
| Rents, last 5 years | 5.9% a year | 4% a year |
| Property tax | 2% | 0.87% |
| Households that rent | 37% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Illinois
- A toss-up: Chicago, IL. Buying comes out ahead by $3k.
- Aurora, IL favors renting by $12k.
- Naperville, IL favors renting by $198k.
- Joliet, IL favors renting by $30k.
- Rockford, IL favors renting by $22k.
- Elgin, IL favors renting by $58k.
- Springfield, IL favors renting by $13k.
- Peoria, IL favors buying by $15k.
- Champaign, IL favors renting by $29k.
- Waukegan, IL favors renting by $24k.
- Cicero, IL favors renting by $71k.
- Bloomington, IL favors renting by $68k.